Category: Business Mirror

THE growing threat of cyberattacks against financial platforms, government databases, power systems, transportation networks, and healthcare services has intensified the push in Congress to establish a permanent National Cybersecurity Agency.

House Committee on Information and Communications Technology Chairman Migz Villafuerte said the proposed agency would strengthen the country’s ability to prevent and respond to cyberattacks, which now pose risks not only to computers but also to the economy, public services, and the safety of Filipinos.

The proposal gained urgency after GCash reported blocking approximately 6,700 fraudulent merchant accounts connected to ‘quishing’ scams in July. During the same month, the Philippine National Police Anti-Cybercrime Group conducted 6,845 cyber patrol operations and at least 220 digital forensic examinations.

Villafuerte expressed optimism about the proposed establishment of the NCSA under the Department of Information and Communications Technology (DICT), following the House of Representatives’ recent approval on second reading of House Bill 423, or the ‘National Cybersecurity and Critical Information Infrastructure Protection Act of 2026.’

The substitute measure was consolidated by a technical working group from 26 cybersecurity- and

critical information infrastructure protection-related bills discussed by the committee during the First Regular Session.

In his sponsorship speech on August 3, Villafuerte told the House that cybersecurity is no longer solely an information and communications technology concern. The country’s growing dependence on digital systems across government, the economy, finance, transportation, healthcare, and energy has transformed cybersecurity into a national security issue.

The proposed NCSA aims to establish a whole-of-government approach to cybersecurity, strengthen the country’s response to cyberattacks, set minimum standards for protecting critical information infrastructure, and provide mechanisms for congressional oversight, judicial review, and legal accountability.

‘The question is no longer whether our country will experience another major cyber attack; the question is whether we are prepared for it when that happens,’ Villafuerte said. ‘And because such a threat has become permanent, our institutional response must also be a permanent one.’

He added that the proposed agency would strengthen national coordination, improve incident response, and establish minimum cybersecurity standards for critical information infrastructure.

‘The question now is no longer whether we will experience another major cyberattack. The question is whether our country will be ready when it happens,’ Villafuerte said.

‘This proposed law will provide a permanent institutional framework to protect our critical systems, strengthen national resilience, and preserve the public’s trust in the digital economy,’ he said.

According to Villafuerte, cybersecurity is no longer merely a technological issue. It has become a matter of national security, saying, ‘If the threat is permanent, then our institutional response must also be permanent.’

Villafuerte noted that the country’s economy, financial system, power supply, transportation network, healthcare services, and government service delivery now rely heavily on digital systems.

‘When these systems are compromised by a cyberattack, it is not only computers that are affected. The economy, public services, and the safety of every Filipino are also placed at risk,’ he said.

Camarines Sur Rep. Luigi Villafuerte, another author of the bill, said the passage of the cybersecurity measure had become more urgent following President Ferdinand Marcos Jr.’s issuance of Executive Order No. 119. The order updated the government’s data classification framework, which had been in place since 1964, to accelerate the country’s digital transformation while protecting Filipinos from cybersecurity risks.

Executive Order No. 119 allows government agencies to adopt cloud technologies and introduces a modern data security framework. It also establishes standardized cybersecurity practices for protecting government information and strengthens the country’s resilience against cyberthreats.

The proposal is among the 48 priority measures identified by Marcos for urgent legislative action in coordination with the Legislative-Executive Development Advisory Council.

The Department of Agrarian Reform (DAR) has turned over a P1.5-million mechanical rice transplanter to the San Fernando Agrarian Reform Community Cooperative (SFARCC), enabling agrarian reform beneficiaries (ARBs) to plant rice more efficiently, reduce production costs, and boost rice productivity.

The assistance was provided under DAR’s Climate Resilient Farm Productivity Support Program (CRFPSP) through its Major Crop-Based Block Farm Productivity Enhancement component, which promotes the adoption of modern farm technologies to improve agricultural efficiency and strengthen food production.

DAR formalized the turnover through the signing of a memorandum of agreement (MOA) between the agency, represented by Chief Agrarian Reform Program Officer Cosme Jaime Mendoza, and SFARCC, represented by its general manager Ramonito Gubaton.

To ensure the efficient and safe use of the equipment, GreenGround Rapid Agri-Business Machineries Corp. Parts and Service Supervisor Michael Sandoval conducted an orientation on the proper operation, maintenance, and handling of the mechanical transplanter.

Provincial Agrarian Reform Program Officer II Rogelio Madarcos said the new farm machine will help farmers embrace modern farming practices while reducing the time, labor, and costs required for rice production.

‘This mechanical transplanter is more than just a piece of equipment. It is an investment in our farmers’ future. By reducing production costs and speeding up planting operations, our ARBs can become more productive, more competitive, and better prepared to meet the growing demand for food,’ Madarcos said.

The mechanical transplanter is expected to accelerate rice planting, improve planting precision, and increase crop yields, helping ARBs boost their incomes and sustain rice production.

The assistance forms part of DAR’s continuing commitment to modernize Philippine agriculture by equipping ARBs with climate-resilient technologies and farm support services.

‘The initiative also supports the directive of Agrarian Reform Secretary Conrado M. Estrella III to enhance farmers’ productivity through mechanization and innovative agricultural interventions that contribute to food security and rural development.’

Last week

Share prices went up, snapping two successive weeks of losses, despite a disappointing second-quarter GDP print.

The benchmark Philippine Stock Exchange index gained 53.91 points to close at 6,290.35 points.

Investors may have been encouraged by the July inflation print as both headline and core inflation rose at a slower pace. However, Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., noted that they remain elevated.

‘June employment figures, in real terms, have posted an increase both month-on-month and year-on-year. However, our second quarter GDP data has posted slower expansion implying that the local economy continues to lose growth momentum.’

Average daily trading reached P5.23 billion, with foreign investors, who cornered 53 percent of the trades, were net sellers at P910.9 million.

Other sub-indices ended mixed. The broader All Shares index gained 23.35 points to close at 3,418.40 points, the Financials index lost 14.90 to 1,893.64, the Industrial index rose 80.71 to 8,130.14, the Holding Firms index was down 9.25 to 4,464.63, the Property index fell 19.49 to 1,915.54, the Services index climbed 94.62 to 3,475.23 and the Mining and Oil index soared 1,441.30 to 18,305.30.

For the week, losers outnumbered gainers 110 to 103 and 28 shares were unchanged.

Top gainers were Dominion Holdings Inc., Ferronoux Holdings Inc., Anglo Philippine Holdings Corp., Paxys Inc., Makati Finance Corp., Atlas Consolidated Mining and Development Corp. and East Coast Vulcan Mining Corp.

Top losers, meanwhile, were ENEX Energy Corp., Medco Holdings Inc., Boulevard Holdings Inc., NiHAO Mineral Resources International Inc., Suntrust Resort Holdings Inc., Metro Alliance Holdings and Equities Corp. B shares and MRC Allied Inc.

This week

Share prices may fall this week as investor sentiment is seen to remain cautious moving forward amid the latest developments between the US and Iran.

Tantiangco said the situation between the United States and Iran remains uncertain as the two declare ‘contradicting narratives.’

‘The peso has been improving its position against the US dollar but remains weak. Meanwhile, local treasury yields have been easing but still elevated. If both continue in their current direction, then it may give the market a boost.’

Broker 2TradeAsia said it expects another rate hike by the Bangko Sentral ng Pilipinas in August, though growth concerns have shifted the balance more toward the status quo.

‘We expect this tension to show up less as a skipped hike and more as a shorter overall tightening cycle, with BSP moving closer to done after August rather than extending hikes through the fourth quarter as some desks still project.’

Tantiangco said chartwise, the local market is currently testing the 10-day exponential moving average and is having a hard time securing position above the said line.

Trading range is still seen from 6,150 points to 6,400 points.

Stock picks

Philstocks said shares of Century Pacific Food Inc. have reached its initial price target, delivering a return of more than 7 percent.

Its technical readings showed momentum is not yet aggressive and the short-term moving average has crossed above both medium and long-term averages, a potential golden zone might materialize in the near term if the long term finally penetrates below the 50-day moving average, the broker said.

‘A successful breakout from the P32.50 trading range suggests the stock may have room for further upside, with P33.65 and P35.04 as the next resistance levels to watch,’ it said.

Century Pacific shares closed last week at P32.60 apiece.

Meanwhile, it advised to trade shares of Jollibee Foods Corp. (JFC), as the stock has rebounded 25 percent from its June 22 low, reflecting improving investor sentiment amid the easing of geopolitical tensions.

The company delivered a solid first-quarter performance, with revenues increasing 9 percent year-on-year to P76.5 billion and systemwide sales growing 10.3 percent, supported by an 8-percent growth in the Philippines and 13.5-percent growth in its international business.

‘JFC also continued to execute its long-term expansion strategy, opening 181 new stores, including 149 international locations, further strengthening its global presence,’ the broker said.

Jollibee shares closed last week at P150.60 apiece.

A traffic aide directs motorists through knee-deep floodwaters along Felix Avenue in Pasig City on Sunday as heavy rains from the enhanced southwest monsoon, or habagat, inundate parts of Metro Manila.

PAGASA placed Metro Manila under an Orange Rainfall Warning at 2 p.m., warning that flooding remains a threat. The monsoon has brought continued rains across the capital and nearby areas.

FUEL pump prices and electricity rates are going down.

Oil companies on Monday announced they will reduce gasoline prices by P0.70 per liter, diesel by P4.30 per liter, and kerosene by P4.88 per liter. The oil price rollback takes effect on Tuesday.

Oil companies implement weekly price adjustments to reflect movements in the world oil market.

Meanwhile, the Manila Electric Company (Meralco) announced a decrease of P0.0428 per kilowatt hour (kWh) in the August electricity rate, bringing down the overall rate for a typical household to P14.7833 from P14.8261 per kWh in July.

For residential customers of Meralco who are consuming 200 kWh, this adjustment translates to a reduction of around P9 in the total electricity bill.

Meralco Vice President and Head of Corporate Communications Joe Zaldarriaga said during a briefing that this month’s overall electricity rate reduction is largely due to the P9.5 billion refund-equivalent to P0.5861 per kWh for residential customers-that the Energy Regulatory Commission (ERC) authorized Meralco to implement over a six-month period beginning this August.

The latest refund covers the difference between Meralco’s Actual Weighted Average Tariff (AWAT) and its approved distribution tariff for the period January to December 2025. Customers will see this refund as ‘AWAT Refund/(Collect) 2’ in the distribution portion of their bills starting this month. This refund is on top of the ongoing refund of P0.4278 per kWh that also pertains Meralco’s AWAT for residential customers.

‘As earlier explained by the regulator, this refund stems from the delay in rate reset process of distribution utilities in the country that includes Meralco. We submitted the refund application in accordance with the rules. We hope that this will help provide relief to our customers and assure them that this will be implemented in a transparent manner,’ Zaldarriaga said.

This month’s rate reduction would have been bigger if not for the upward movement of other bill components, particularly charges from the National Grid Corporation (NGCP) which posted an increase of P0.3024 per kWh due to higher ancillary service (AS) charges from the Reserve Market (RM).

Costs from the RM accounted for about 60 percent of NGCP charges this billing month. Starting this August, the AS charge will appear as a separate line item from the transmission charge, as directed by the ERC.

SPECIAL Disbursing Officers Gina Acosta and Edward Fajarda should not bear full responsibility for confidential fund transactions conducted under the authority and supervision of Vice President Sara Z. Duterte, the House of Representtives prosecution panel said on Monday.

House trial spokesperson Rep. Zia Alonto Adiong raised the concern after questions before the Senate Impeachment Court appeared to focus accountability on the disbursing officers rather than the agency head.

‘With all due respect to Senator Imee Marcos, as I listened to her line of questioning, it appeared to me that they were trying to throw someone under the bus,’ Adiong, who represents Lanao del Sur, said.

‘It seems that someone is being made a scapegoat or a sacrificial lamb,’ he added.

Acosta served as Special Disbursing Officer of the Office of the Vice President (OVP), while Fajarda handled confidential fund disbursements for the Department of Education (DepEd) during Duterte’s tenure as Education Secretary.

Adiong cited documents bearing Duterte’s signature, including the physical and financial plan, disbursement records, liquidation report, and accomplishment report.

‘Do you honestly believe that Ms. Gina Acosta can do whatever she wants with that money without the supervision and approval of her principal? I mean, that would be absurd,’ he said.

Adiong clarified that he was not accusing the senator-judge of attempting to absolve Duterte, but said the questioning suggested that ‘somebody has to be thrown under the bus just to save the respondent.’

Prosecution spokesperson Benjamin Tolosa Jr. said the panel may seek a show-cause order if Acosta and Fajarda fail to testify. If they ignore the subpoenas without sufficient justification, the court may cite them for contempt and compel their attendance.

Meanwhile, the prosecution will continue presenting Commission on Audit Supervising Auditor Xylene Mae del Campo before calling Acosta and Fajarda, who encashed confidential fund checks totaling P612.5 million.

The Senate Impeachment Court canceled Monday’s trial because of inclement weather and flooding.

‘Ms. del Campo will continue her direct examination,’ Tolosa said.

Del Campo is expected to testify about audit actions taken after she succeeded former Intelligence and Confidential Funds Audit Office State Auditor Roderick Wamil. After her testimony, the prosecution will call Acosta and Fajarda to explain what happened to the money after it was withdrawn.

Retired Land Bank of the Philippines’ officials earlier testified that Acosta encashed four OVP checks worth P125 million each, totaling P500 million. Fajarda encashed three DepEd checks worth P37.5 million each, totaling P112.5 million.

Their testimony will form part of the prosecution’s evidence under Article I, which accuses Duterte of misusing, misappropriating, and irregularly liquidating OVP and DepEd confidential funds.

Loopholes

ADIONG said the impeachment trial had exposed weaknesses in confidential fund rules that Congress should address through stricter legislation.

‘While this trial is ongoing, I have personally observed several loopholes that could be addressed through legislation,’ he said.

He argued that civilian agencies such as the OVP and DepEd should face stricter requirements than institutions whose mandates involve intelligence, national security, and law enforcement.

‘If a civilian agency requests confidential funds, the requirements should be stricter than those imposed on agencies in the security sector,’ Adiong said.

Tolosa, meanwhile, warned that attacking the integrity of the Senate Impeachment Court could undermine public confidence and may violate the sub judice rule or constitute contempt.

His statement followed Duterte’s description of the proceedings as being marred by the ‘bending of the law.’

‘Yes, litigants can criticize the courts, but they can never attack its integrity,’ Tolosa said.

He stressed that this was only his legal assessment and not a ruling by the Impeachment Court.

‘If you say something that attacks the integrity of the court, that is very dangerous, especially in a case of this magnitude,’ he said.

Tolosa warned that such statements could lead to prejudgment and weaken public confidence in the proceedings. However, he said the presiding officer and senator-judges should determine whether Duterte’s statement violated any rules.

AMID heavy rains that caused widespread flooding in many areas of Luzon, an agrarian reform beneficiaries organization (Arbo) based in Magallanes, Cavite, celebrated its Harvest Festival, highlighting a successful harvest.

The Pacheco Agrarian Reform Cooperative (PAR-C), a program beneficiary of the Climate Resilient Farm Productivity Support Program Major Crop-Based Block Farm Productivity Enhancement Area (CRFPSP – MCBFPEA), held the activity on August 5, 2026, at barangay Pacheco, Magallanes, Cavite, to celebrate a successful harvest this season.

The activity, led by Director III and Provincial Agrarian Reform Program Officer (Parpo) II James Arthur T. Dubongco, gathered agrarian reform beneficiaries (ARB), cooperative members, and representatives from the Department of Agrarian Reform (DAR), local governments, and partner agencies to celebrate the season’s harvest and recognize the gains of climate-resilient farming technologies and interventions.

Despite the heavy rainfall, participants remained steadfast throughout the program, symbolizing the resilience and determination of Filipino farmers in the face of increasingly unpredictable weather conditions.

The event also highlighted the importance of climate-smart agriculture for food security, farm productivity, and the livelihoods of agrarian reform beneficiaries.

In his message, Dubongco emphasized the significance of equipping farmers with climate-resilient technologies and strengthening partnerships to ensure sustainable agricultural production.

‘The Climate Resilient Farm Productivity Support Program is crucial in helping our farmers learn appropriate technologies and farming practices, especially in the face of changing weather conditions.

Through the collaborative efforts of the DAR, LGUs, and various government agencies, we strengthen the capacity of our farmers and promote more resilient and sustainable agricultural production,’ Dubongco said.

‘I am deeply grateful to Secretary Conrado Estrella III because he is one of the reasons why we were given this opportunity. I am also thankful for DAR’s assistance because they provide us with various projects and continuously support us. This has been a tremendous help to us farmers,’ Roselyn Iyaya, a member of the PAR-C Board of Directors, said.

PAR-C Chairperson Ernie S. Somogod recognized the government’s continued efforts to strengthen the capacities of agrarian reform beneficiaries through agricultural support services and programs focused on climate resilience.

‘I am grateful to DAR and all the government agencies that are helping us. We, farmers, are very happy with these programs because we were not only given a tractor, but also various forms of support that truly help us in our farming and livelihood,’ Somogod said.

With the expected heavy rainfall brought by the Southwest Monsoon (Habagat), government employees in Metro Manila and several other provinces will be required to engage in a work-from-home arrangement on Monday, according to a new circular from Malacañang.

Likewise, schools at all levels in the covered areas will also be required to use alternative learning modes on the said day unless otherwise directed by their concerned local chief executives.

Both arrangements were contained under Memorandum Circular (MC) No. 123, which was issued by Executive Secretary Ralph G. Recto on Sunday upon the recommendation of the National Disaster Risk Reduction and Management Council (NDRRMC).

MC 123 will cover Metro Manila, Ilocos Sur, La Union, Zambales, Bataan, Rizal, Cavite, Batangas, Occidental Mindoro, Benguet, Pangasinan, Abra, Tarlac, Pampanga, Oriental Mindoro, and Bulacan.

It will not apply to government agencies involved in the delivery of basic and health services, preparedness/response to disasters and calamities, and/or the performance of other vital services, as well as private companies.

‘The suspension of work or adoption of alternative work arrangements for private companies and other offices is left to the discretion of their respective heads,’ the issuance stated.

The Palace said local government units (LGUs) will have the discretion to cancel or suspend classes and/or work in government offices. MC 123 comes after Malacañang declared two days of suspension of government work and classes in Metro Manila and other parts of the country last week because of the heavy rainfall caused by Tropical Storm Maymay (international name: Kujira) and the Southwest Monsoon.

During the weekend, NDRRMC reported that Tropical Storm Maymay and Luis (international name: Dolphin) killed at least six people and affected 74,755 families across Luzon.

In its weather advisory as of 11 pm last Sunday, the Philippine Atmospheric, Geophysical, and Astronomical Services Administration (Pagasa) issued a heavy rainfall outlook for NCR and other parts of Luzon due to the effects of the Southwest Monsoon.

Palace Press Officer Claire Castro said in a statement that President Ferdinand Marcos is closely monitoring the effects of the Habagat, which resulted in flooding and rising waters in dams and reservoirs.

‘He has directed concerned agencies to remain on heightened alert, closely coordinate on water releases, and take the necessary preventive measures to protect communities and critical infrastructure,’ Castro said in a statement,

‘So far, while several dams in Central Luzon are experiencing spilling, water levels are being closely monitored and managed,’ she added.

Marcos also directed the Department of Health to provide a prompt response in preventing the spread of diseases during the ongoing rainy season, which includes leptospirosis- an illness that can usually be acquired from having contact with the urine of an infected animal.

DESPITE the latest growth print disappointment, the central bank will be forced to continue hiking rates as the Philippine economy’s fight against inflation is far from over, according to analysts.

‘The Q2 GDP disappointment will unlikely derail [Bangko Sentral ng Pilipinas] BSP’s hiking cycle, in our view, because it remains focused on bringing inflation back to target over the policy horizon and anchoring inflation expectations, rather than supporting domestic demand,’ Japan-based Nomura Global Markets Research said in a report over the weekend after the Philippine Statistics Authority (PSA) released the second-quarter GDP data showing only a 2.3-percent growth.

Nomura also pointed out that the central bank may have also become vigilant over the ’emergence’ of new sources of inflation risk in the coming months, which it said ‘could coincide with a turnaround in fiscal spending.’

Nonetheless, with the output gap remaining ‘negative’ in the second quarter of 2026, the Japan-based research unit of Nomura Group said: ‘We believe BSP will likely maintain a measured approach to monetary tightening.’

Nomura maintains its forecast of another 50 basis points (bps) of BSP hikes this year, delivered in 25bp ‘clips’ over each of the next two meetings of the monetary board-in August and October.

Bank of the Philippine Islands (BPI) Senior Vice President and Lead Economist Emilio S. Neri Jr. said in a commentary over the weekend that recent policy actions suggest that the central bank is attempting to balance the need to bring inflation under control while avoiding a sharp slowdown in economic activity, resulting in a ‘gradual pace’ of tightening in recent months.

However, Neri pointed out: ‘A larger rate increase later in the year cannot be ruled out, particularly if the impact on El Niño on food prices proves more severe than currently anticipated.’

ANZ Research, for its part, said despite inflation moderating in July and with growth slowing, the pressure on the BSP to hike rates at this month’s monetary policy meeting will reduce.

However, the research unit of the Australia-based bank shared almost the same view as BPI’s lead economist, saying: ‘We expect inflation to remain elevated over the rest of the year, particularly as El Niño-related supply pressures begin to feed through to food prices.’

Further rate hikes after August ‘less clear-cut’

Other analysts stressed, however, that with the low domestic demand, there may no longer be ‘much room’ for the central bank to raise the key interest rate beyond the August rate-setting meeting of the Monetary Board.

United Kingdom-based research firm Capital Economics said the ‘weakness’ of the economy is likely to influence the thinking of the central bank as it weighs its next move.

‘The continued weakness of the economy means the case for further hikes is less clear-cut. But with inflation still well above target, we expect one more 25bps hike at the BSP’s next meeting on 27th August before it calls a halt to its hiking cycle,’ Capital Economics noted.

Domini S. Velasquez, Group Chief Economist of China Banking Corporation (Chinabank), said in a televised interview that the BSP may deliver ‘one more hike, especially with the GDP figure now.’

‘We know that the BSP is an inflation targeter. But sometimes, you know, these supply shocks, monetary policy cannot do anything about it, unless, you know, except anchoring inflation expectations. But in terms of low domestic demand, I don’t think there’s much room to increase. Maybe another last hike this end of August,’ Velasquez said.

The BSP has raised the key interest rate by a total of 50 basis points since the start of the conflict in the Middle East, delivering two separate quarter-point rate hikes at the Monetary Board’s rate-setting meeting held on April 23 and June 18.

These policy actions brought the Target Reverse Repurchase (RRP) Rate to 4.75 percent.

During its June 18 meeting, the Monetary Board decided that monetary policy tightening was ‘warranted’ to keep inflation expectations anchored and mitigate the risk of second-round effects.

‘The measured monetary policy action will also complement fiscal measures in supporting steady consumption and strengthening business sentiment,’ the central bank also said in a statement on June 18.

On August 7,2026, the Philippine Statistics Authority (PSA) reported that the growth of the Philippine economy in the second quarter eased to 2.3 percent from the 2.8 percent in the first quarter.

The latest reading was the slowest since the first quarter of 2021, when the economy contracted by 3.8 percent.

CONSUMER complaints filed with the central bank surged by 72.6-percent in 2025 on the back of ‘greater’ public awareness and ‘wider’ adoption of digital platforms, according to the Bangko Sentral ng Pilipinas (BSP).

According to the central bank, its consumer assistance unit received and processed over 120,000 new complaints, paling in comparison to the 70,112 complaints lodged with the BSP in 2024. The volume of complaints has risen steadily over the years, from 19,181 in 2021, the BSP added.

As explained in the BSP’s 2025 Annual Report, complaints that are not resolved through its consumer assistance mechanism are elevated to mediation.

The report noted that referrals for mediation rose by 48.9 percent from 710 in 2024 to 1,057 in 2025. The BSP handled 1,188 mediation cases, including 131 carried over from the previous year, the report read.

Of the 876 concluded cases, 409 were successful, 144 failed, and 323 were terminated for ‘various reasons.’

The central bank explained that ‘successful’ cases refer to those where both parties entered into a settlement agreement, or where matters were sufficiently clarified during mediation, and both parties agreed to terminate the proceedings as successful.

Meanwhile, ‘failed’ cases refer to those where the parties were unable to reach an amicable settlement.

As for the cases considered ‘terminated,’ those are discontinued for other reasons, such as a party’s lack of interest in pursuing the mediation or the existence of factual or legal issues that cannot be resolved though mediation, among others, the central bank noted.

The BSP pointed out, however, that the mediation success rate declined from 84.4 percent in 2024 to 74 percent in 2025.

Success rate, according to BSP, is equivalent to ‘successful’ mediations over total of ‘successful’ and ‘failed’ mediations.

‘This drop may be attributed to stronger consumer awareness of alternative remedies, such as adjudication or court action,’ the central bank explained.

The BSP handled 68 formal complaints, including 12 carried over from 2024. Of these cases, 11 were decided, 20 were dismissed, and 37 remained pending as of December 31, 2025.

‘These redress mechanisms supported fair, impartial, and orderly resolution of consumer disputes, 83 consistent with the BSP’s mandate under the FCPA,’ the BSP said.

According to the central bank, the upward trend reflects ‘greater public awareness of the BSP’s CAM channels, wider adoption of digital platforms, and increased media attention on the FCPA [Financial Consumer Protection Act] and the Afasa [Anti-Financial Account Scamming Act].’